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Bakers cooks up carbon credits deal
Baker & McKenzie has acted in the first deal to occur under the Australian Government's new Carbon Farming Initiative land-based offsets legal regime.
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Firms: Baker & McKenzie (RM Williams Agricultural Holdings)
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Deal: Sale of Australian carbon credit units
Area: Environment and climate change
Value: N/A
Key players: Partner Martijn Wilder (pictured) led the Baker & McKenzie team, with senior associate Simon Greenacre
Deal significance: This deal is the first deal to occur under the Australian Government's new Carbon Farming Initiative land-based offsets legal regime. The Henbury project is the first CFI project to be announced and this is the first offtake arranged in respect of the project. The deal brings together two quintessentially Australian brands - Qantas and RM Williams. Bakers helped draft deal documents and negotiate them with Qantas, for the sale of Australian carbon credit units generated by the project. This followed the firm’s work for RMAH in the development of the project, most of which occurred last year. The 527,000 hectare Henbury station in central Australia was bought by RM Williams Agricultural Holdings for $13 million last year.
